Standard Bank Namibia workers threaten strike over pay dispute

The Namibia Financial Institutions Union Nafinu is demanding a 7% salary increase and higher transport and rental allowances, while the bank has offered a 5% salary increase and a N$50 increase to the transport allowance. Nafinu secretary general Asnath Zamuee stated that workers are angered by what they perceive as a growing imbalance between executive rewards and employee compensation, highlighting that the bank generated approximately N$1.2 billion in profit. She noted that last year, the chief executive and chief financial officers received a combined N$8 million in bonuses.

The union rejected the bank’s proposal to introduce funeral benefits, arguing it does not address employees' immediate financial needs. Standard Bank spokesperson Elzita Beukes confirmed the deadlock but defended the bank's offer, stating it exceeds current and projected inflation and includes additional employee benefits. She also cautioned employees about the financial implications of a strike, citing the “no work, no pay” principle.

The dispute has progressed through conciliation, and the conciliator is expected to issue ground rules for a protected strike, after which employees will vote on whether to proceed.